Hong Kong $271 Million Property Developer Grand Ming Defaults on $611 Million Loan & Obtained Breach Waivers on $350 Million Bank Loans, Founded in 1995 by Chan Hung Ming & Lau Chi Wah, Current Market Value at $271 Million, Share Price -46.2% YTD, -53.1% Last 12 Months & -58.9% Last 5 Years
9th July | Hong Kong
Hong Kong property developer Grand Ming ($271 million market value) has defaulted on $611 million loan, and has obtained breach waivers on $350 million of bank loans. Grand Ming was founded in 1995 by Chan Hung Ming & Lau Chi Wah. Grand Ming current market value is at $271 million, with share price -46.2% YTD, -53.1% last 12 months & -58.9% last 5 years. Grand Ming – Founded in 1995, Grand Ming Group is one of the most reliable and reputable building construction companies in Hong Kong. Leveraging on our proven foundation in building construction, the Group has diversified into property development, building construction and high-tier data centre leasing sectors. In 2013, the Group listed on the Main Board of The Stock Exchange of Hong Kong Limited under the name “Grand Ming Group Holdings Limited” (HK Stock Code: 1271). Its wholly owned subsidiary, Grand Tech Construction Company Limited, is well-known for its quality construction. For 30 years, the Group has built prestigious and luxurious residential developments, as well as commercial buildings projects including Marinella, kau to HIGHLAND, Twin Peaks, Upton and The Pulse, a shopping mall in Repulse Bay. The Group is commenced to engage in data centre leasing business in 2007. We are now one of the established market players with proven track record in local data centre industry, offering approximately 100,000 sq.ft. of quality data services centre space. Our customers include multi-national data centre operators, telecommunication companies and financial institutions. In 2016, the Group further leveraged its building construction and property development expertise with the Sai Shan Road, Tsing Yi residential development project. In 2017, the Group presented a luxury residence Cristallo in the Central Kowloon. The first residential project which unified sales promotion and project planning. In 2019, a private residential development – The Grand Marine launched, representing the Group has been active in integrating project planning, construction work and sales promotion. The project has achieved remarkable result. In 2020, the Group acquired two parcels of land situated 3 On Kui Street and 8 On Chuen Street in Fanling, following the trend of big data and 5G technology. The lands are intended to be developed into two high-tier data centres. The Group also acquired 1 Luen Fat Street in Fanling afterwards, which is the third land acquisition throughout the year to expand the land bank. In 2021, The Group acquired a parcel of land located in Pau Chung Street. In 2023, The GRANDs launched and sold out in early 2024. In 2023, The Group acquired two parcels of land in North Point, which provides total gross floor of approximately 30,000 sq.ft. to expand the land bank. In the Mainland of China, the Group acquired “Guangxi Jiaming Property Development Co., Ltd.” in 2020. It is principally engaged in property development in Guangxi. Currently it owns two office units (with an aggregate gross floor area of approximately 444 square metres) in Nanning City for its own use, and holds residential and investment projects developed by Guangxi Jiaming in Nanning City. In the future, Guangxi Jiaming is planned to establish a high-tier data centre in Nanning City. In 2021, The Group has successfully won the bid by approximately HK$129 million for the land use rights of a parcel of land located in Wuming District, Nanning City, GuangXi Province. The acquisition will provide new development pipeline for the Group’s businesses. The Group will continue tendering for developments in Hong Kong in order to add to its land bank. This supports our position as a sustaining premium enterprise and our corporate value of “Sustained Commitment to Quality Homes.
“ Hong Kong $271 Million Property Developer Grand Ming Defaults on $611 Million Loan & Obtained Breach Waivers on $350 Million Bank Loans, Founded in 1995 by Chan Hung Ming & Lau Chi Wah, Current Market Value at $271 Million, Share Price -46.2% YTD, -53.1% Last 12 Months & -58.9% Last 5 Years “
Hong Kong $271 Million Property Developer Grand Ming Defaults on $611 Million Loan & Obtained Breach Waivers on $350 Million Bank Loans, Founded in 1995 by Chan Hung Ming & Lau Chi Wah, Current Market Value at $271 Million, Share Price -46.2% YTD, -53.1% Last 12 Months & -58.9% Last 5 Years
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